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Knowing Your Limits
by: Lanard

During my real estate investing heyday I got pretty good at finding properties and cutting deals. What I wasn't so good at was managing the properties that I was unable to sell as rental units.

Not every investment that started out as a property flip was successful. Consequently, I turned to renting some of my properties out of pure necessity.

I had to do something to stymie the negative cash flow. However, in some instance matters worsened, primarily because I did a poor job putting my foot down with tenants. It wasn't uncommon for tenants to stiff me. Some failed to pay and then moved out owing 5 to 6 months rent, they trashed the units before moving out, and/or were pretty otherwise a royal pain in the butt.

But perhaps the craziest thing about it all is that I was a great rental agent for my clients needing a rental agent. Rarely did I encounter situations where I wasn't able to collect their rents.

Are you an investor? Are you able to successfully manage your own rental units, or are you like me? Can you relate to this story?

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